The Canadian Investor - Netflix Wants HBO & TSMC Says AI Isn’t Slowing Down

Episode Date: January 22, 2026

This week’s episode covers everything from inflation pressures in Canada to the biggest trends shaping global markets. Simon and Dan dig into Netflix’s earnings and its revised bid for Warner Bros/HBO, Taiwan Semiconductor’s explosive AI-driven growth, and what BlackRock’s latest results reveal about the future of private credit and alternative assets. Tickers of stocks discussed: NFLX, TSM, BLK Watch the full video on Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor  Spotify - The Canadian Real Estate Investor  Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

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Welcome to the Canadian Investor Podcast. I'm Simo Belanger. I'm back with Dan Kent. We are back for a news and earnings episode. Lots to talk about, even though earnings still a bit slow, but it's starting to trickle in some big U.S. names specifically that we're going to talk about. We'll start off first with CPI, came in for December, Canadian CPI. Then we'll talk about Netflix earnings and its bid for Warner Brothers and HBO. We'll also talk about Taiwan Semiconductor. It'll give us a good idea what's going on with the AI space, some of those hot names,

And then we'll finish with the small company that is known as owning the world BlackRock. So, yeah, quite a bit on the slate should be a fun one. It should start going. We should start having more Canadian earnings coming up now in the next couple weeks. Yeah, there's not really much on the go right now. But I think BlackRock and TSM, it's not even necessarily their earnings, but kind of the trends and what we're seeing. That is probably the most interesting aspects of these quarters,

even though both of them had outstanding earnings reports. So yeah, it should be pretty interesting. Yeah, and when there are weeks, because during the quarter, there are some weeks where there's just too much to talk about that we cannot fit all in one episode. So we are thinking about doing in some weeks just two earnings episodes. So we'd have three episodes in a single week. If that's something you like, please let us know. We're also toying with the idea of doing one of those extra episodes as a live YouTube.

So people can watch us live and also ask some questions. And if we do have time by the end of the recording, also answer the question. So if that's something you'd like us to do, let us know. We would love to hear you on that. So let's get started here. Like I mentioned, CPI for December came out. The headline CPI was hotter than expected at 2.4%. Economists were expecting it to be closer to 2.2% on a year over year.

year basis. And of course, CPI is the official government inflation metric. Now, to be fair, there were some base effects in place. So last year, if we remember, there was, inflation was pushed down a little bit or at least a base because of GST and HST holiday. One of the last thing that Trudeau did before leaving office was announcing that. It wasn't on all items, but on certain Holiday Essentials, if I remember correctly, and it ran from December 14, 2024 to February 15, 2025. So expect to see that base effect to have an impact on the January reading and the February reading, and then it shouldn't have too much impact after that. Yeah, I completely forgot this was going on. Like, I forgot that happened last year. But yeah, it was on like, I think like

alcohol and like children's toys and stuff like that. Yeah. Yes, I can't remember the exact items, but children, toys were definitely there. I think food and restaurants too, if I Oh, yeah, restaurants. Yeah, because restaurants were saying it was like a pain to try and just modify their systems for such a short period of time. But nonetheless, just to keep things in perspective here. Now, one of the thing that's really worrying is food inflation is really starting to ramp up here. Food was up 6.2% year and 0.1% in November compared to November. And if we go back to September, the lowest reading on a year-over-year basis was 3.4%. So it's been above that.

Of course, food impacts everyone, but definitely impacts those on the low more income bracket, and even more so. So that's definitely alarming. On a personal basis, I went to pick up some bacon recently. And oh boy, did I not realize how much bacon had increased. I noticed it had increased, but usually we buy these four packs at Costco. So it's still like pretty real. reasonable and I just freeze them and then take it out as needed but didn't have any and my wife was feeling like bacon.

So went to the grocery store and the cheapest pack was like 10 bucks. Yeah. Which is insane. I remember a couple of years ago like you could easily find it on sale for like $3.99. Yeah. It's, uh, it's like over a dollar a piece. It like, especially like after you cook it and it's like a quarter of what you had. I think like like meat in general is just, I remember like,

Like even, you know, when I was younger, like chicken was kind of the most expensive. And now it's like the cheapest, one of the cheapest things you can buy. And like beef used to be in the gutter like price wise. But now it's like a primo. Like it's the food element like you said like hits everybody and especially, you know, lower income. If, you know, it's taking up more of your income. It's obviously a larger issue. I don't know why it's accelerating so much.

Yeah, I'm not sure. Some of what I read is because crop yields. weren't as good. So the feed for animals for meat was more expensive, which is leading to that. I'm not quite sure, but that's something I wanted to highlight. Now, one thing that is really interesting is shelter prices. So that was up 2.1% you over a year. If you've been listening to a podcast for a little bit or even looking at headlines on mainstream media, you'll know that rents have been really declining. If you go to rentals.ca, they have a monthly rent, I think, index where they provide the rent increase or decline on the year-over-year basis when looking

at all different cities in Canada. And I think most of the cities is seeing some pretty sharp declines here. So shelter was up 2.1%. And the way CPI is calculated, it looks at the price that renters are paying. So a portion of renters are still paying higher prices because their lease was started 6, 12 months ago, or whatever it was. So it's probably still kind of skewing that at least. little higher. So it should see some more tailwind for going on some downward pressure as we head

forward here as more people renew at lower rents. And of course, there's the homeowners, the interest cost that it's still pushing up shelter costs a bit higher, but obviously a lot of these increases in higher mortgage costs have happened already. There are still some higher mortgage cause depending on when people are renewing, if they had the mortgage, obviously, from 2021, and they're starting to renew, but that is also easing. So it's very possible that the shelter costs will be trending downwards for a little while here. Services are still sticky. It went up 0.5% you over mutt and then year 3.3%. If you start looking here at core inflation, that one was trending in the right direction. So if you're looking at

core inflation. It's the lowest it's been in over six months for the CPI medium and CPI trim. CPI median just takes the middle price increase of all the items. It doesn't average out. This one now is 2.5%, the lowest in six months, and the trim, which removes the extremities. So the ones that had the kind of the biggest declines, the ones had the biggest increases. This one is also trending now 2.7% the lowest in several months, again, six plus months. So that is definitely something that's worth looking at because that's what supposedly the Bank of Canada looks at. And just to finish a few things here, airfare rates were flat year over year, but saw a larger increase from November to December, which is typical because obviously all the holiday travel happening. So you tend to see

much higher prices because there's higher demand so airlines will increase their pricing here but the increase was larger than previous year so something worth noting and of course they had to talk about travel tours which honestly like I don't know why

they put that like who really it just I think just misses the mark like airfare is one thing travel tours like okay it's skipping up or down but travel tour prices were down once again the over year but rose on a month over month basis

but if people from stats Canada are listening maybe just stop talking about travel tours because really people don't care about that right now. No. And I mean if you were to give like any these numbers like I guess they're obviously meaningful but I mean when you have you know core inflation is at you know the best spot it's been for six months but like probably the most important element of inflation which would be food

like the thing that impacts literally everybody is up like 6%. Like I wonder if this would have been, it would be interesting if they put in what they trimmed out on the CPI trim because would it be food? I mean, 6.2% is is pretty wide. So it actually might be. And like at that point,

I don't think, you know, food prices should ever be discounted from inflation reports. But exactly. Yeah. I mean, at the end of the day, I think it's a really important line item to look at.

And that's why we always talk about it. But that's, that's what it is on the inflation. front. Smart investing doesn't have to be complicated or time consuming. With BMO all-in-one ETFs, you get a complete diversified portfolio wrapped up in a single ticker. It's easy. Whether you're conservative investor or more aggressive, BMO has an all-in-one solution for you. And now, it's even more cost-effective. BMO has cut management fees to just 0.15% on select asset allocation ETFs helping you keep more of what you earn. Simplify your investing today at BMOETFs.com.

So let's move on to businesses here. Let's start off with Taiwan Semiconductor. For those not familiar with the business, I know we have a lot of new listeners in the new year. So essentially chips, you may have heard of Nvidia, you may have Apple chips, for example, for the M chips that are produced. So all these chips are designed and then they are at. actually produce, the physical chips are produced by Taiwan Semiconductor. So it's a really good indication whether there's a lot of demand in the AI space for these chips or chip demand in general. Taiwan Semiconductor produces, I think, 90% plus of the world's most advanced chips.

So you'll see if it's going well on their end. That means that NVIDIA is making orders, Apple's making order. You name the company, they're making orders from them. Yeah, I think this was, I think Buffett called this like the most important company in the world or or the highest quality company in the world. That was, I don't know. I can't remember that was not too long ago, but he ended up actually having to sell this one just because of the geopolitical issues. But it's, yeah, it's pretty much the bellwether, I would say, for the AI industry, all this AI rollout. And if their earnings are any indication from this, you know, quarter, I would say the cycle is is nowhere close to being over. So revenue. increased by 36% year over year currency adjusted. So this company reports in Taiwanese, but they kind of adjust it all out to the US dollars. So any numbers you see here are in US dollars, but kind of currency adjusted. So 36% year over year on revenue earnings increased by 46.4%. And high performance computing now accounts for 55% of their revenue. And this is pretty much all

due to the AI ramp up. If we think about, you know, kind of traditional computing, it's very good at, say, doing one thing after another. And the theory here with AI is you need it to be very good at doing many things simultaneously. So these chips are more expensive. They make up the high performance computing segment. And I don't know what it made up in terms of portions of revenue like pre-AI boom. But it wasn't, it wasn't even close to what it is now.

That's for sure. So gross margins hit 62.3%. So this beat the top end of guidance by 1.3% and operating margins increased by 5.1% to sit at 50.8. So 50% operating margins is just absurd. It's there's a lot of, they're kind of expanding into North America and Europe. And there's kind of a lot of, I guess you could say the bear cases, they're not going to be able to push these margins out on, you know, facilities in North America or Europe. But even if it goes down a bit, it's still just exceptional. For 2026, they expect 30% top line growth, gross margins to expand even further to nearly 65%. So we're going to see another bump in gross margins. So I mean, we can probably, if that's the case and they keep everything else in line, we can probably expect earnings growth to exceed revenue growth yet again. And the one thing they did mention, which is why I kind of mentioned at the start of this,

that I believe the cycle is nowhere close to being over. they expect capital expenditures to come in at $52 billion. So this is around 30% higher than last year. And the craziest thing is they mentioned that capital expenditures in the next three quarters will be higher than the last three years combined. So there's a ton of spending here. They kind of mentioned there's a bottleneck in the space right now. However, you know, it's not where most people have been looking, which is like, let's say

data centers or power supply, you know, things like that. they said it's due to, you know, TSMC's ability to produce. So this is why you see the company ramping up capital expenditures, kind of, you know, putting more production because, you know, the bottleneck exists there, which I mean, is a good thing ultimately, especially a company like TSM can spend so much, like they generate so much cash flow that, you know, they can expand and kind of reap the benefits from this. And I actually ended up buying this one. It's one I own.

I bought it. I think it was in the 290 range. like when it was at all time highs and a lot of people thought I was pretty crazy. But I can still see a path for this company moving forward, especially if this spending keeps, you know, churning out like this, which it looks like it is going to. I think the company is worth, what is it, $1.5 trillion. Yeah. So they have a $1.5 trillion market cap. I, like, if this was like a U.S. based company, I mean, what would the market cap be? Two trillion probably plus. But I think just, you know, the Taiwan exposure, the geopolitical risks there,

kind of keeps it discounted, which I don't think that'll ever change. It will always be discounted because of this. But yeah, it's, it's crazy good quarter from them. Yeah, exactly. And what I was showing here was the high performance revenue as a percentage. So yeah, yeah, it's definitely, it's getting up there. So very interesting to see. It's a, I think it's a great company again for me. I probably would have bought if it wasn't for the geopolitical risk. So that was always my, the big reason why I stayed away from Taiwan semiconductor. Yeah. And I mean, you can think of a like Buffett. He had to sell it obviously due to this, but I mean, he's he's managing hundreds of billions of dollars. Whereas I mean, me retail investor, I mean, if I make this

four or five percent of our portfolio and something happens, it's not like the end of the world. I think if this ever got to the situation where this became a concern, it would, it wouldn't just be TSM. Going down, it would probably be an entire. entire market situation, but yeah, it was solid quarter. You know, I was a bit hesitant on the whole, you know, the AI KPEC spending here, but I mean, this is kind of an indication that at least over the next while here, there's not going to be any sort of spending slowdown. No, exactly. So let's move on here. What's been in the news quite a bit, we haven't talked about it all that much at all on the podcast. So Netflix came out with its earnings yesterday.

It also came out with a revised bid for Warner Brother HBO assets. So we'll talk about that a little bit. So first of all, Netflix is essentially trying to acquire the content engine of Hollywood with HBO Warner Brothers. I also think DC is in there, right? DC Comics, the property rights for that. It might be. Yeah. Yeah.

I'm not sure. Well, let us know if I'm off the mark here. And obviously, part of their bid would be leaving the declining cable network behind. that include, for example, CNN, TNT. Now, a recap of the timeline here, so on November 20th, 20, 25, the bidding war kicked off here with Netflix, Paramount, and Comcast. Comcast made a bid in November, but later withdrew its bid, leaving Netflix and Paramount bidding against each other.

On December 5th, Netflix secured the first win. They signed a definitive agreement at 2775 per share, and that was a mix of stock in cash. And on December 8, Paramount countered with a hostile bid of $30 per share for the entire company. So not just the assets that I mentioned in terms of Warner Brothers, HBO, for the entire company, including CNN and TNT. And Netflix, on the other end, just wants the growth assets. The Board of Warner Brothers rejected Paramount due to the debt concern and regulatory concerns that their bid might not even be accepted by regulators. On January 20th, which was yesterday, Netflix even, I would say bonafide or

crew made more certainty around their offer. So they kept the offer as it is at 2775, but they made it all cash. So that is something that is definitely attractive because it does create a floor. So the deal structure here, Netflix by the studios and the street. Ming, HBO Max, I believe it's called. Warner Brothers shareholders would get 2775 plus shares in a new spinoff of the company called Discovery Global. So those other assets that Netflix is not buying, the CNN, the TNT, that would hold the cable assets. The paramount deal would be $30, a clean exit for shareholders.

Of course, there's some uncertainty. Of course, my view here, and I think shareholders agree, as Netflix provides a better guarantee. value for Warner Brothers shareholders and likely has a better chance to get approved by regulators. Plus, it provides upside for the spinoff too. So that extra money you're not getting, maybe the spinoff does well and they're able to get more than 225 different from those spinoff shares. A bunch of cable assets? I don't know.

That'd be difficult. They do own, they do own DC. But yeah, I don't know. Like what I don't exactly know all of the cable assets that that they own. But I mean, I think those are the two main, but I'm sure they have a few other ones too. Yeah. I can't imagine that's all that attractive. Like if somebody said, oh, we'll get cash, but we're going to spin our cable assets off and give you shares.

I'd be like, uh, just sell the whole thing. But who knows? No, exactly. And then I was curious to see what they would say on the earnings call because the earnings call came in on the same day they bonified that offer with all a cash. On the acquisition, they believe that they have a strong chance of getting, strong chance of getting regulatory approval. They said that their subscription pricing strategy won't be impacted by the acquisition, which was a question that was asked during the call. It was also interesting. It's been a while since I listened to Netflix calls. They went straight off to basically answer

questions. Oh, they didn't regurgitate the results? No. Oh, that's good. Just straight off for the question. Yeah, exactly. It also allows them to step. into a well-established theatrical business with this acquisition. They weren't looking to make acquisitions per se, but the assets that Warner Brothers and HBO offer was seen as an opportunity that they just couldn't pass up and would really integrate well with Netflix's existing assets. They want to improve their core business, which Warner Brothers and HBO should help accelerate, and their strategy is to keep improving their offering both organically and through selective MNA. And one thing that caught my ear on the call is that they mentioned they are just 7% at just 7% of the addressable market in terms of consumer and ad spend.

That's their assessment of it, which is really interesting, which if you do believe that, there could be a whole lot more growth for Netflix. And on the earnings front, I won't go into too much detail, but the headline number is that they reach 325 million paid memberships. not a huge increase and Braden and I were chatting and that's one thing he said like yeah revenues and free cash flow looks very good but the subscriber growth is definitely slowing but then again there might be some opportunity to increase those fees eventually revenues grew by 16% and they're forecasting another 14% 2026 ad sales grew by 2.5 times this year and net income was of 26% and free cash flow was up 37%. Definitely free cash flow is the metric I would prefer using for Netflix.

It's a little bit different if you look at it. It may look a bit wonky because they have very little capital expenditure, but it's in their cash room operation where they reduce, where they adjust, should I say, the amount that they pay for content and that content is also being amortized into the earnings. So it's all reconciled in that cash flow statement. So I think cash flow is definitely one of the better ways to look at it. Yeah, speaking of like content spend and I can't,

I was looking for the tweet while you were talking. Whoever made this, sorry, I can't find it. But they had showed like Disney was spending like 50% more than Netflix on content. Yet like Disney is not growing at all where Netflix is growing like 15 plus percent. So I mean, Disney is, Disney botched the, the streaming segment. Like that was a, I kind of, I actually owned Disney back in the day because I thought it would, you know, Disney Plus was going to be kind of a driving factor with all the IP.

But man, they have, they have botched that badly. Yeah, it feels like Disney just rested on its laurels a little bit. Yeah. Just assume that their existing IP would be enough and they could just kind of add some more content to that. where Netflix just is relentless and adding new content. They are also very good, I think, at identifying the type of content that doesn't cost all that much to make. I know a lot of reality shows.

My wife loves a lot of like Lovin's Blind and stuff like that. And I don't think those are that expensive to produce and they keep, they return a whole lot of subscriber. That's my suspicion. So they're very good and they're very good at creating a wide range of content. Like for us, if we had to choose for one subscription, with having a young daughter too and the kids portion, I think I would probably choose Netflix over Disney because there's a much better variety of offerings. Yeah, I, I tend to agree.

The thing about the advertising too is like, it's genius because people just aren't going to cancel. You know, this advertising spend is going like, downgrade. Yeah. Yeah. If you need to save you downgrade. On something like prime, I don't even think that's an option. So like I was watching fallout and it just hits you with ads and it's not like you save anything on prime. I think you can pay more to eliminate them. But yeah, it's like the ad revenue business, like we've seen it with Amazon. We've seen it with, with Netflix. Like, it's a huge business. It's much higher margin than, uh, than their traditional business. And, uh, yeah, Netflix, I mean, they're down like, they're down more than the total offering for the acquisitions. So I think they're down something like 33 plus percent since

that news came out. So definitely looking a bit closer to it. Like, I know they have. They had customers, like subscribers grew, but watch time didn't even grow close to that. So I wonder, you know, why that's happening. But I mean, it's a very profitable company. It's trending upwards, but the stock price is down 30 plus percent. So definitely interesting. Yeah, it's not trading cheaply. Let's be clear here.

Even despite the drawdown, it's not a very cheap stock to own. Whether it justifies the growth, we'll have to see. But still really like what they're doing at least. Overall, we'll have to see whether it pans out or not. Smart investing doesn't have to be complicated or time consuming. With BMO all-in-one ETFs, you get a complete diversified portfolio wrapped up in a single ticker. It's easy. Whether you're conservative investor or more aggressive, BMO has an all-in-one solution for you.

And now, it's even more cost-effective. BMO has cut management fees to just 0.15% on select asset allocation ETFs, helping you keep more of what you earn. Simplify your investing today at BMOetifs.com. So let's switch some gears here and go and look at BlackRock, the last on the slate here. Yeah, so they, I mean, BlackRock had a very good year. Management actually said that 2025 was one of the strongest years in the company.

history. So it's, it's been pretty crazy. BlackRock is one that I've owned for, for quite a while, five plus years at least. It might have even been pre-COVID. But, you know, not only are the inflows into the market in general, just crazy, but they've put a lot of money towards acquisitions that have kind of, you know, diversified the business, I guess you could say. So they acquired global infrastructure partners, which is like a number. Diversified or diversified. is diverse well I guess yeah that depends I would like there there's the main the main bear case you could say for BlackRock over many many years is like how much bigger can you get like you're you're a fun you know an ETF provider things like that there's a certain point where you

just can't get any bigger than you are and I think they kind of acknowledge this and now they're they're heading into areas of the market that you don't like I mean I really don't like either but they're clearly going yeah I mean what's the saying they're going to to where the puck is going, not to where it has been. Like, it's very evident. Again, we had global infrastructure partners. We have HPS, which is a private credit company. And then you have Precken, I think it's called, which is a data platform for private markets. So obviously right now, private markets, it's very hard to get any sort of data on private equity, private credit, just private markets in general. But I think where they're going with this is, you know,

the more people that are interested in these private markets, the more transparency is going to be needed, you know, the more data people are going to want. So they ended up buying this company, probably, you know, in anticipation that, you know, the demand is going to get better. If you go to the flow, the flow sheet there, we'll go over the flows, which were pretty crazy. Retail flows, it should be right near the top. That's alternatives. But the, yeah, go down one more. Yeah. So you can see retail long term inflows were pretty crazy. They were up 10% year over year. So in Q4 of 2024, they were only up around 3% compared to the fourth quarter of 2023. Pretty clear shift with, you know, retail's overall interest in the markets. I don't know

why like that seems abnormally large to me compared to other quarters. I didn't really have time to dig into it. But on the institutional side, it's still relatively flat. I mean, you can see the long term flows are actually down 1% when we compare to last year and they've been relatively flat. over the last few years here. I mean, they're going to be less volatile than the retail ones for sure. But you can just see like total inflows are just nuts. Yeah, that's crazy, huh? 82 billion for 24, 2025 for retail.

And then you're looking at, uh, man, the highest inflow in the past, in the previous two years was 13 billion in a single quarter. I don't know. I don't know what's going on there. Exactly what happened. Yeah. I haven't looked into it. But yeah, I mean, if you just look at the total trend of flows, it's just crazy.

I mean, you're looking at $342 billion in total BlackRock inflows on the quarter. That's up from $281 billion the year before. And it's it's just been a consistent trend upwards. But if you go to that private asset, that private asset chart, I think this is where like a lot of people should kind of be paying attention. Their private credit, their private equity, their infrastructure funds have have absolutely exploded. I think private assets in general. are growing at a at a 30% pace yeah go down to that if we for joint tCI if you go down to that chart you can just see it's the activity is crazy i think private credit has grown from keep going down

right there yeah so you can see in fee paying assets under management like private credit has grown from 32 billion to 146 billion in one year and if you look to overall client assets 38 billion in in 2024 to 203 billion today. Like it's, that's definitely the biggest area here is the private credit. Which private credit, you're just, you're effectively loaning money to private companies,

whereas private equity, you're obviously taking the stake. Private equity is actually shrinking, which is, which is kind of interesting. But yeah, I mean, alternatives,

the company is going big into alternatives. First off, you can charge way more fees. Like, if you think about, I don't know, what's a I shares ETF, like an XCQ,

or something like you're charging you know minimal for that like private credit like these types of funds you can charge massive fees way higher margin because you know they're not as easy to access no definitely i mean black rock we've said it time and time again black rock you just have to remember that the company will go as the stock market goes so if the stock market doubles like trump says hey well uh we'll see if it doubles black rock should do quite well So just be aware of that when you own this company that if there are some big drawdowns, you're it's going to take a big hit. Yeah, it's kind of when you say cyclical like most people think like, you know,

with the economy, BlackRock is kind of like market cyclical. Like, you know, and obviously the markets can be doing well when the economy is is doing poorly. So it's something that's going to be really focused on the markets, really focused on inflows. Obviously the all these acquisitions are diversifying it away from I would say being like index shop, you know, where you go to buy, you know, index funds, but that doesn't necessarily mean it's, you know, shying away from being like heavily, heavily exposed to market activity. And I guess the final thing I'll say is they, they bump the dividend by 10% and they're

looking to target $1.8 billion in buybacks for 2026. So yeah, it's they're now, with those two acquisitions, they're now a top five player in the world in terms of private, private markets. so $675 billion in assets, I would expect this. I think they see a path to over $1 trillion by, I can't remember when it was, 2030. But yeah, that's a booming, booming part of the market. I mean, obviously, it's everywhere now. Okay. No, that's a good overview of BlackRock.

We'll wrap it up here. I think it was a fun episode. We're trying to make these around 35, 40 minutes tops because the feedback we got is sometimes it goes on a little bit too long. So we're trying to make them a little more concise. If you like them longer, let us know. But we're listening to that feedback. And, you know, I think it was a fun one. I'm sure earnings will start picking up in the coming weeks.

So we'll definitely have some more Canadian companies we'll be talking about. If you haven't done so already, if you can give us a five-star review on your favorite platform or you're listening to us, Spotify, Apple Podcasts, whichever one it is, we are going to be doing, we are doing more content on YouTube. so make sure you subscribe to our YouTube. It is in the channel below and the stock trades. YouTube downposts a lot of content on his own as well. Yeah, and if you wanted to see the full videos,

they are available on jointisiI.com plus our portfolio and the ad-free feeds. So we'll wrap it up there. Thanks a lot for listening. We will be back for a regular episode this upcoming Monday. The Canadian Investor Podcast should not be construed as investment or financial advice. The host and guests featured may own securities or assets discussed on this podcast. Always do your own due diligence or consult with a financial professional before making any financial or investment decisions.